When launching on Product Hunt, does the specific time or day matter?

I think most people recommend the default time 12.00 PST. As for day, I know the consensus is that it's easier to get Top #1-5 product on the weekend if you have a very small team but you will have less views/traffic. Weekdays are harder in terms of ranking/upvotes as you might be competing with a lot of larger companies, but can give you more traffic in general.